Daily Update On Current Affairs – August 11, 2017

Former Union Minister M Venkaiah Naidu was sworn in as 13th Vice President of India on the 11th August 2017. He has been administered the oath of office by President Ram Nath Kovind at a special function at Rashtrapati Bhavan. Outgoing Vice President Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker Sumitra Mahajan, former Prime Minister Dr. Manmohan Singh, Governors, Chief Ministers, Union Ministers, Members of Parliament were present at the event. Mr. Naidu, before proceeding to the Rashtrapati Bhavan paid tributes to the father of the nation Mahatma Gandhi at Raj Ghat, Deen Dayal Upadhyay at DDU park and Sardar Vallabhbhai Patel at Patel Chowk. After the swearing in ceremony, Mr. Naidu reached Parliament House and took charge as the Chairman of Rajya Sabha. He also chaired the proceedings of the Upper House.

India and US to co-host Global Entrepreneurship Summit at Hyderabad in November

Prime Minister Narendra Modi has said that India and US will co-host the Global Entrepreneurship Summit at Hyderabad from 28th to 30th November this year. In a series of tweets, Mr. Modi said, the Summit is a unique opportunity for bringing together entrepreneurs and start ups with global leaders. The Prime Minister said he is looking forward to the presence of Ms. Ivanka Trump at Global Entrepreneurship Summit as the leader of the US delegation. Ivanka Trump is the daughter of US President Donald Trump. Mr. Modi during his meeting with Trump in Washington in June had invited Ivanka for the Summit.

15th BIMSTEC Ministerial meeting begins at Kathmandu

The working session of the 15th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, BIMSTEC, Ministerial meeting has begun at Kathmandu today. Free Trade Agreement, Investment, Energy, Tourism, Poverty alleviation, and Counter-terrorism are the key areas expected to be focused in the meeting. In his inaugural address, yesterday, Prime Minister of Nepal Sher Bahadur Deuba said that as BIMSTEC marks the twentieth anniversary, this occasion should be a turning point in the history of the group. He also said that members should pledge that by the end of 2017 all existing key instruments of regional cooperation framework become fully functional. He called for commencing delivery of results and outcomes from next year onwards. A joint statement will also be issued after the meeting.

NGT bans use of nondegradable plastic bags in Delhi

The National Green Tribunal has banned the use of non degradable plastic bags which are less than 50 microns. Any person found in possession of the plastic will be fined up to Rs 5000/-.The Tribunal has asked the Delhi Government to seize any plastic bags in use within a week.

The Supreme Court has ruled that for those vehicles which do not have Pollution Under Control (PUC) Certificate, the insurance shall not be renewed. The Court has granted four weeks’ time to ensure that no vehicle in the National Capital Region runs without a PUC Certificate.

Trump favors complete elimination of atomic arms by all countries possessing it

US President Donald Trump has said that he favoured a complete elimination of atomic arms by all countries possessing it. He said at Bedminster in New Jersey that nuclear is greatest threat worldwide and he would like to de-nuke the countries that have nuclear weapons including United States, Russia, China, Pakistan and many other. Mr. Trump said America will be the most powerful nuclear nation on the earth until his aim of a nuclear-free world is achieved. The US President said nobody, including North Korea, is going to be threatening the United States with anything. Mr.Trump said his administration will be increasing military budget by many billions of dollars because of the North Korean threat and other reasons.

Parliament has passed the Banking Regulation (Amendment) Bill, 2017 with the Rajya Sabha approving it on the 10th August 2017. The Lok Sabha has already passed it. Replying to a debate on the Bill, Finance Minister Arun Jaitley said, the willful defaulters will not be spared and prosecutions are being launched against them. He said, the government’s decision has shaken the defaulters and they have started rushing to banks to resolve the issue.

Sensex losses mount on global sell-off, tanks over 300 points

The BSE Sensex slumped over 336 points and the NSE Nifty slipped below the 9,800-mark in early trade on 11th August following global sell-off triggered by mounting geo-political tensions between the US and North Korea. Besides, caution ahead of IIP data for June due later in the day too weighed on the sentiments. The BSE 30-share barometer tanked 336.46 points or 1.06 percent. It had tumbled 794.08 points in the previous four sessions hit by sliding global sharers due to the standoff between the US and North Korea, and market regulator SEBI’s directive imposing trading restrictions on suspected 331 Shell companies. All sectoral indices led by infrastructure, capital goods, realty, auto, metal and healthcare were in the red. Also, the NSE Nifty was trading down by 115.90 points or 1.18 percent.

Facebook launches You Tube Competitor called “Watch”

Social media giant Facebook has launched its own version of You Tube, to be called as “Watch”. Shows are either live or recorded and follow a theme or a storyline. Facebook has also signed up with Major League Baseball to telecast at least one game live per week. Watch has a “Watch list” so that the latest episodes of the shows will be available.

World Bio Fuel Day – 10th August

The Ministry of Petroleum and Natural Gas celebrated the 10th August 2017 as the World Bio Fuel Day. This is done to spread awareness of non fossil fuels such as bio diesel, ethanol, bio gas etc. It was on 10th August 1893, that Sir Rudolph Diesel, the pioneer of the diesel engine ran a mechanical engine with peanut oil and hence this day is celebrated the world over as “World Bio Fuel Day”. The Day will be celebrated across 100 districts of the country to spread awareness.